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Intro - Ch 3/4 Test Flashcards | StudBud

Explore/Intro - Ch 3/4 Test

Largest source of revenue for the federal government

To be enforceable, contracts MUST be in writing

Intro - Ch 3/4 Test

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Introduction to Business - Chapter 3/Chapter 4 Test

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Questions 11

Answers

1
To be enforceable, contracts MUST be in writing
true
false
2
Largest source of revenue for the federal government
Inheritance tax
Corporate income tax
Sales tax
Individual income tax
3
Value of imports greater than value of exports
balance of payments
trade surplus
quota
trade deficit
4
The difference between the amount of money coming into and leaving a country
foreign debt
balance of payments
none of these
balance of trade
5
Might cause a decrease in the exchange rate of a country's currency. (Select more than one.)
favorable balance of payments
unstable political environment
high inflation
high interest
6
When a country can product a good at a lower cost than other countries
awesome advantage
no advantage
comparative advantage
absolute advantage
7
Which is an example of a public utility?
a bakery
gas station
company that provides water
food truck
8
The European Union is an example of
quota
free trade agreement
embargo
a common market
9
Governments borrow money by selling
bonds
licenses
stocks
fines
10
Key factors affect a country's level of economic development
government system, political stability, trade barriers
location, climate, natural resources
literacy level, technology, agriculture dependency
religion, tradition, custom
11
Discourages international trade
embargo, quotas, tariffs
embargo, quotas, free-trade zones
tariffs, a common market, free-trade agreements
common market, free-trade agreement, free-trade zones